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5 Common Misconceptions about the US Economy
5. Oil Imports Where does the US get most of its oil? Many Americans falsely believe the answer to be the Middle East or Saudi Arabia. In actuality, the majority of the US’s oil (38.8%) is produced domestically, while the majority of oil imports come from Latin America and Canada. Only just over 12% of…
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It isn’t hard to notice an increased sense of entitlement in younger generations today, mine included. It is partly due to a culture of entitlement which pervades American society and demands comfortable, high quality lifestyles without understanding that one should work for what one wants. Ask a teenager what makes a country or a government…
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Photo by Tddy 8. The American economy is exceptional The United States is the world’s largest economy, representing 22% of global GDP. The U.S. dollar is the currency most used in international transactions and is the world’s foremost reserve currency. Several countries use it as their official currency, and in many others it is the…